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Consolidation Student Loans
- Is there a grace period on loan payments?
There is a 10-day grace period after the due date.
- What is my estimated payment?
You can refer to your Approval or Final Truth in Lending disclosures for your estimated payment. CEFCU will send you a letter after funds have been disbursed. The letter will show your starting balance, monthly payment amount, and when it is due.
- What is the term of my repayment?
The maximum repayment term is 12 years and a minimum monthly payment of $75. There is no penalty for paying your loan early. Have your payments automatically deducted, and you can receive 1/2 percent discount.
- How much can I borrow?
You can borrow a minimum of $5,000 and a maximum of $80,000.
- What types of loans can I consolidate?
You can consolidate any private and federal student loan in your name.
- Can I apply for consolidation if I'm still enrolled in school?
No, only those who are no longer students are eligible to apply.
- Once my loan is approved, what are the next steps?
The process can take several weeks.
- Provide statements for the loans you want included in the consolidation loan. You will receive an email or letter describing what is needed.
- Review and accept the Approval Truth in Lending Disclosure, which is sent when loan statements are received and processed. Then you will receive a Final Truth in Lending Disclosure with a three-day Right of Rescission. When this period has elapsed, we will send the payoffs to your current loan holder(s).
Then payoffs will be sent to current loan holder(s), and CEFCU will send you a letter letting you know when/where your first payment is due.
- What is the interest rate on my loan?
Consolidation Student Loan rates are variable, and they could adjust quarterly. They are risk-based, so the rate depends on your credit score.
Your rate is found on your Truth in Lending disclosures.
- How long will it take for my loan to disburse after I apply?
It depends on how quick you complete your application and provide required documentation. Once all documents are signed and supporting documentation is provided, the application will be processed in 24 to 48 hours.
- What documentation will I need to provide?
You will need to provide a current statement for each of the loans you wish to consolidate. We also may request a copy of documents, such as a driver's license or your last two pay stubs.
- How can I sign my promissory note?
You will sign your promissory note electronically.
- I have signed my promissory note, but how does my cosigner sign?
Your cosigner will receive an email with a link to the application. From that link, the application can be completed and signed.
- What if I run into a problem in the online loan application?
Use the help available throughout the online loan application or contact us at 1-800-897-5918.
- Am I eligible to apply for the Consolidation Student Loan?
In addition to being a CEFCU member, you must meet credit requirement qualifications applicable at the time the loan is reviewed. In addition, you must be a U.S. citizen/national or eligible non-citizen.
If you are a foreign student, you must have a cosigner who is a U.S. citizen or permanent resident with a mailing address in the United States and a valid Social Security number.
- Is it possible to have my cosigner removed/released from the Consolidation Student Loan?
Yes, if you qualify, your cosigner can be removed after 48 consecutive months of on-time payments.
- If I go back to school, can my Consolidation Student Loan payments be deferred?
No, deferment is not an option on a Consolidation Student Loan.
- When will interest begin to accrue on my loan?
Interest begins to accrue as soon as funds are disbursed.
- When will my first payment be due?
CEFCU will send you a letter after the funds are disbursed. Your first payment will be due 30 to 45 days after the payoffs are sent.
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